Blacktown is home to Sydney’s largest population who are now possibly also its happiest residents, after data released yesterday by NSW Valuer General Simon Gilkes shows residential land values in Blacktown increased by 47 percent in 2014-2015, the highest growth in the state.
Blacktown was followed by fellow western Sydney suburbs of Holroyd and Parramatta at growth rates of 38 percent and 35.9 percent, respectively.
Fairfield and Auburn also had growth of more than 30 per cent while Liverpool was up nearly 30 per cent.
In the north-west, the Hills Shire grew 31.8 per cent and in the south-west in Campbelltown and Camden, land value gained more than 20 per cent.
Prices for land in these areas have reached median prices between $78,000 to $591,000 from year-ago median prices of $76,000 to $435,000, reports The Australian Financial Review.
"These increases have been fuelled, in part, by major improvements to transport infrastructure, along with historically low interest rates. The market has also been supported by increased land supply through major new land releases and increases to permitted residential densities in many areas," said Gilkes.